Equity

BlackRock Global Equity Income Fund

IMPORTANT:
• The Fund's investments in equities could incur significant losses due to higher fluctuation of equity values. The Fund's income-generating investment strategy may reduce the potential for capital growth and future income of the Fund. The Fund may invest in assets denominated in various currencies. Changes in exchange rates and currency controls may affect the value of the Fund's assets.
• The Fund is subject to emerging market risk, foreign investments restrictions risk, small-cap companies’ volatility and liquidity risks and currency conversion risk including Renminbi denominated Classes.
• Class 4(G) and Class 5(G) Shares pay dividends gross of expenses. Class 6 Shares and Class 10 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion. Class 8 Shares pay dividends gross of expenses and/or from capital at the Directors’ discretion and include interest rate differentials arising from share class currency hedging. Negative interest rate differentials may decrease the dividends paid. Paying dividends gross of expenses may result in more income being available for distribution; however these shares may effectively pay dividends from capital – may amount to a partial return or withdrawal of an investor’s original investment or capital gains. All declared dividends result in an immediate reduction in the NAV price of the share class on the ex-dividend date.
• The Fund may use derivatives for hedging and for investment purposes. However, usage for investment purposes will not be extensive. The Fund may suffer losses from its derivatives usage.
• The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount of your investment could be lost.
• Investors should not make investment decisions based on this document alone. Investors should refer to the Prospectus and Key Facts Statement for details including risk factors.

Overview

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All currency hedged share classes of this fund use derivatives to hedge currency risk. The use of derivatives for a share class could pose a potential risk of contagion (also known as spill-over) to other share classes in the fund. The fund’s management company will ensure appropriate procedures are in place to minimise contagion risk to other share class. Using the drop down box directly below the name of the fund, you can view a list of all share classes in the fund – currency hedged share classes are indicated by the word “Hedged” in the name of the share class. In addition, a full list of all currency hedged share classes is available on request from the fund’s management company

Performance

Performance

Chart

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Distributions

Ex-Date Distribution
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  2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Total Return (%) 3.63 7.34 21.95 -10.81 21.07 6.83 19.47 -15.19 11.88
Benchmark (%) -2.36 7.86 23.97 -9.41 26.60 16.25 18.54 -18.36 22.20

Performance is shown after deduction of ongoing charges. Any entry and exit charges are excluded from the calculation.

  1y 3y 5y 10y Incept.
10.30 0.75 6.87 - 5.86
Benchmark (%) 23.56 5.12 11.68 - 8.30
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
2.25 1.24 0.25 7.10 10.30 2.27 39.43 - 76.10
Benchmark (%) 8.88 4.06 3.79 14.11 23.56 16.16 73.71 - 120.70
Past performance is not a guide to future performance. Investors may not get back the full amount invested.

Performance is calculated based on the period NAV-to-NAV with dividend reinvested. Performance figures are calculated net of fees.

These figures show by how much the Share Class of the Fund increased or decreased in value during the period being shown. Performance is calculated in the relevant share class currency, including ongoing charges and taxes and excluding subscription and redemption fees, if applicable.

Where no past performance is shown there was insufficient data available in that period to provide performance.

Please refer to the Key Facts section for the inception date of the Fund and the Share Class.

The figures shown relate to past performance. Past performance is not a reliable indicator of future performance. Markets could develop very differently in the future. It can help you to assess how the fund has been managed in the past

Share Class and Benchmark performance displayed in CNY, hedged share class benchmark performance is displayed in USD.

Performance is shown on a Net Asset Value (NAV) basis, with gross income reinvested where applicable. The return of your investment may increase or decrease as a result of currency fluctuations if your investment is made in a currency other than that used in the past performance calculation. Source: Blackrock

Key Facts

Key Facts

Net Assets of Fund
as of 19-Jun-2024
USD 935,439,962
Fund Inception
12-Nov-2010
Fund Base Currency
USD
Benchmark
MSCI ACWI
Initial Charge
5.00%
Management Fee (incl Distribution Fee, if any)
1.50%
Minimum Initial Investment
RMB 5000
Use of Income
Distributing
Regulatory Structure
UCITS
Morningstar Category
Other Equity
Dealing Frequency
Daily, forward pricing basis
SEDOL
BNFX5X2
Share Class Inception Date
25-Jun-2014
Share Class Currency
CNY
Asset Class
Equity
SFDR Classification
Article 8
ISIN
LU1075907227
Performance Fee
0.00%
Minimum Subsequent Investment
RMB 1000
Domicile
Luxembourg
Management Company
BlackRock (Luxembourg) S.A.
Dealing Settlement
Trade date + 3 days
Bloomberg Ticker
BGEA6HC
SFC-authorised ESG fund
No
For Fee details, please refer to the Fund Prospectus.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of 31-May-2024
45
Standard Deviation (3y)
as of 31-May-2024
14.56%
P/E Ratio
as of 31-May-2024
23.16
12M Trailing Distribution
as of 31-May-2024
2.31%
3y Beta
as of 31-May-2024
0.829
P/B Ratio
as of 31-May-2024
4.06

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund.

The metrics are not indicative of how or whether ESG factors will be integrated into a fund. Unless otherwise stated in fund documentation and included within a fund’s investment objective, the metrics do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of 19-May-2024
AA
MSCI ESG Quality Score (0-10)
as of 19-May-2024
7.31
Fund Lipper Global Classification
as of 19-May-2024
Equity Global Income
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of 19-May-2024
103.30
MSCI ESG % Coverage
as of 19-May-2024
99.87
MSCI ESG Quality Score - Peer Percentile
as of 19-May-2024
52.64
Funds in Peer Group
as of 19-May-2024
530
MSCI Weighted Average Carbon Intensity % Coverage
as of 19-May-2024
98.76
All data is from MSCI ESG Fund Ratings as of 19-May-2024, based on holdings as of 31-Dec-2023. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Business Involvement

Business Involvement

Business Involvement metrics can help investors gain a more comprehensive view of specific activities in which a fund may be exposed through its investments.


Business Involvement metrics are not indicative of a fund’s investment objective, and, unless otherwise stated in fund documentation and included within a fund’s investment objective, do not change a fund’s investment objective or constrain the fund’s investable universe, and there is no indication that an ESG or Impact focused investment strategy or exclusionary screens will be adopted by a fund. For more information regarding a fund's investment strategy, please see the fund's prospectus.


Review the MSCI methodology behind the Business Involvement metrics, using links below.

MSCI - Controversial Weapons
as of 31-May-2024
0.00%
MSCI - Nuclear Weapons
as of 31-May-2024
0.00%
MSCI - Civilian Firearms
as of 31-May-2024
0.00%
MSCI - Tobacco
as of 31-May-2024
0.00%
MSCI - UN Global Compact Violators
as of 31-May-2024
0.00%
MSCI - Thermal Coal
as of 31-May-2024
0.00%
MSCI - Oil Sands
as of 31-May-2024
0.00%

Business Involvement Coverage
as of 31-May-2024
99.73%
Percentage of Fund not covered
as of 31-May-2024
0.17%
BlackRock business involvement exposures as shown above for Thermal Coal and Oil Sands are calculated and reported for companies that generate more than 5% of revenue from thermal coal or oil sands as defined by MSCI ESG Research. For the exposure to companies that generate any revenue from thermal coal or oil sands (at a 0% revenue threshold), as defined by MSCI ESG Research, it is as follows: Thermal Coal 0.00% and for Oil Sands 1.95%.

Business Involvement metrics are calculated by BlackRock using data from MSCI ESG Research which provides a profile of each company’s specific business involvement. BlackRock leverages this data to provide a summed up view across holdings and translates it to a fund's market value exposure to the listed Business Involvement areas above.


Business Involvement metrics are designed only to identify companies where MSCI has conducted research and identified as having involvement in the covered activity. As a result, it is possible there is additional involvement in these covered activities where MSCI does not have coverage. This information should not be used to produce comprehensive lists of companies without involvement. Business Involvement metrics are only displayed if at least 1% of the fund’s gross weight includes securities covered by MSCI ESG Research.

ESG Integration

ESG Integration

ESG integration is the practice of incorporating financially material environmental, social and governance (ESG) data or information into the investment decision process with the objective of enhancing risk-adjusted returns of our clients’ portfolios. Unless otherwise stated in Fund documentation or included within the Fund's investment objective, inclusion of this statement does not imply that the Fund has an ESG-aligned investment objective or strategy, but rather describes how ESG data or information is considered as part of the overall investment process.

The Fund manager includes ESG considerations in combination with other information in the research phase of the investment process. This may include relevant third-party insights, as well as internal engagement commentary and input from BlackRock Investment Stewardship on governance issues. The Fund manager conducts regular portfolio reviews with the Risk and Quantitative Analysis group and with the Chief Investment Officers. These reviews include discussion, where appropriate, of the portfolio's exposure to material ESG risks, as well as exposure to sustainability-related business involvements, climate-related metrics, and other factors.

Ratings

Morningstar, Inc. All Rights Reserved.

Holdings

Holdings

as of 31-May-2024
Name Weight (%)
MICROSOFT CORP 4.88
NOVO NORDISK CLASS B 3.32
TEXAS INSTRUMENT INC 3.30
APPLE INC 3.24
TAIWAN SEMICONDUCTOR MANUFACTURING 3.19
Name Weight (%)
NESTLE SA 3.11
ASTRAZENECA PLC 3.00
ABBVIE INC 2.94
UNITEDHEALTH GROUP INC 2.89
RELX PLC 2.88
The Fund is actively managed and its composition will vary. Holdings shown are for illustrative purposes only and should not be deemed as a recommendation to buy or sell the securities listed. Fund details, holdings and characteristics are as of the date noted and subject to change.
Holdings subject to change.

Exposure Breakdowns

Exposure Breakdowns

as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Allocations are subject to change. Source: BlackRock
as of 31-May-2024

% of Weight

Type Fund Benchmark Net
Negative weightings may result from specific circumstances (including timing differences between trade and settle dates of securities purchased by the funds) and/or the use of certain financial instruments, including derivatives, which may be used to gain or reduce market exposure and/or risk management. Allocations are subject to change.
Due to rounding, the total may not be equal to 100%

Pricing & Exchange

Pricing & Exchange

Share Class Currency NAV NAV Amount Change NAV % Change NAV As Of 52wk High 52wk Low ISIN
A6 Hedged CNY 124.17 0.24 0.19 19-Jun-2024 125.05 105.96 LU1075907227
A2 Hedged PLN 24.37 0.05 0.21 19-Jun-2024 24.48 20.20 LU0654592483
D2 Hedged EUR 19.42 0.04 0.21 19-Jun-2024 19.51 16.16 LU0827881409
A5G EUR 10.64 -0.15 -1.39 22-Mar-2018 11.94 10.64 LU1653088671
D5 Hedged GBP 9.58 0.02 0.21 19-Jun-2024 9.62 7.97 LU0827881318
D5G USD 17.67 0.04 0.23 19-Jun-2024 17.74 14.65 LU0827881235
D5G GBP 13.90 0.01 0.07 19-Jun-2024 14.01 12.08 LU0827881748
A6 USD 16.30 0.03 0.18 19-Jun-2024 16.37 13.67 LU0738911758
A2 USD 23.83 0.05 0.21 19-Jun-2024 23.93 19.68 LU0545039389
D2 USD 26.38 0.05 0.19 19-Jun-2024 26.49 21.67 LU0545039975
D4G EUR 18.05 0.04 0.22 19-Jun-2024 18.05 15.07 LU0938162426
A4G EUR 15.32 0.04 0.26 19-Jun-2024 15.32 12.85 LU0739721834
C2 USD 19.03 0.04 0.21 19-Jun-2024 19.12 15.84 LU0545039629
A2 Hedged EUR 17.79 0.04 0.23 19-Jun-2024 17.87 14.87 LU0625451603
A2 EUR 22.18 0.05 0.23 19-Jun-2024 22.18 18.60 LU0880975056
A5G USD 16.18 0.03 0.19 19-Jun-2024 16.25 13.48 LU0553294199
D2 Hedged PLN 26.61 0.06 0.23 19-Jun-2024 26.72 21.95 LU0827881151
D2 Hedged CHF 16.83 0.04 0.24 19-Jun-2024 16.92 14.20 LU0862987244
A8 Hedged ZAR 131.96 0.27 0.21 19-Jun-2024 132.48 110.37 LU1023055079
D5 Hedged EUR 13.49 0.03 0.22 19-Jun-2024 13.55 11.33 LU0827881664
D2 Hedged SGD 22.28 0.04 0.18 19-Jun-2024 22.38 18.53 LU0827881581
A10 USD 11.52 0.02 0.17 19-Jun-2024 11.71 10.01 LU2533723628
A8 Hedged AUD 12.30 0.02 0.16 19-Jun-2024 12.36 10.33 LU0949170699
A5G GBP 12.71 0.02 0.16 19-Jun-2024 12.81 11.10 LU0557294096
A2 Hedged CHF 13.08 0.02 0.15 19-Jun-2024 13.16 11.09 LU1115429885
A6 Hedged HKD 120.46 0.23 0.19 19-Jun-2024 121.12 101.75 LU1003077747
A8 Hedged CNH 124.80 0.25 0.20 19-Jun-2024 125.49 105.15 LU1220226846
A2 Hedged SGD 20.42 0.04 0.20 19-Jun-2024 20.51 17.06 LU0661495795
C5G USD 13.07 0.03 0.23 19-Jun-2024 13.13 10.98 LU0592708423
A5G HEDGED SGD 14.38 0.03 0.21 19-Jun-2024 14.45 12.13 LU0661504455
A5G HEDGED EUR 12.35 0.02 0.16 19-Jun-2024 12.41 10.42 LU0625451512
A4G HEDGED EUR 11.40 0.02 0.18 19-Jun-2024 11.46 9.53 LU1529944511
A6 Hedged SGD 12.15 0.03 0.25 19-Jun-2024 12.22 10.32 LU0949170772
Unless otherwise specified, all information as of the month end.

Portfolio Managers

Portfolio Managers

Olivia Treharne
Olivia Treharne
Molly Greenen
Molly Greenen

Documents

Documents